Sri Lanka’s Minister for Investment Promotion calls for greater support for value added exporters.
Daily FT: Investment Promotion State Minister Dilum Amunugama has called for greater support and encouragement for value added exporters
“It is high time for Sri Lanka to encourage existing exporters for the export of value-added products,” Amunugama told officials of the Export Development Board (EDB) earlier this week.
“It is evident and apparent that value-added products will earn much needed competitive advantage for our brands. Hence, the local exporters should be provided with pertinent expertise and innovation to expand production and come up with value-added products for catering to global export markets,” Amunugama highlighted. “At present, the country cannot afford to increase its exports owing to the prevailing economic conditions. Therefore, promoting value-added products for the export market will definitely keep the country afloat in the global competitive environment.
“Besides, it is also imperative to embrace products that provide high value by deviating from conventional export products,” he pointed out.
The State Minister also raised the importance of establishing ‘Export Houses’ which sets the tone for connecting suppliers and the exporters at the regional level, which would create the platform for the young entrepreneurs to enter the export market. EDB Chairman Suresh de Mel, Additional Secretary to the State Ministry of Investment Promotion U.K. Bandara and BOI Director General Renuka M. Weerakone were present.
Sri Lanka’s manufacturing and exports sectors have shown a steady growth and recorded impressive profits despite the challenging economic conditions in the country. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s manufacturing and exports sectors. It is in such a backdrop that the Sri Lankan authorities are promoting the diversification of the country’s exports portfolio while also encouraging the export of more value added products. Local authorities have also introduced various incentives to the country’s export sector to further promote the industry. Given the increasing growth and business potential in Sri Lanka’s export sector, foreign businesses/investors could explore the expanding opportunities in the respective sector. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in the export sector with the aim of further diversification and value addition.
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